The company, which sells spin bikes and treadmills with interactive screens that hook users into a subscription based workout app, has hit the upper end of expectation – which was an initial range from $26 to $29.

Peloton is selling 40 million Class A shares, raising $1.6 billion in funds to take the company to a value of $8.1 billion.

The company reportedly expects to trade its shares on American stock exchange Nasdaq on Thursday, according to CNBC.

Peloton bike users are able to login to the app and take part in live spin sessions, seeing their stats rank against others in the class and receiving occasional personal shout outs from the coach. They can also download sessions from a library of classes.

Sale of the shares comes days after the news that music publishers have doubled the damages they are seeking in a lawsuit against Peloton bike – with claims increasing from $150 million to $300 million.

The National Music Publisher’s Association (NMPA) first sued the brand behind the at home spinning experience in March this year – alleging it had used over 1,000 songs in its workout library without proper license.

The bill increased when NMPA alleged a further 1,200+ songs had been found.

Peloton has as many as 1.4 million members, and pulled in $915 million revenue in the year running up to June 30.

However, net losses sit at a reported $245.7 million, thanks in part to increased advertising spend.

The brand received less than favourable attention from the cycling community, after it issued a cease and desist letter to YouTuber Shane Miller for his use of the word ‘peloton’.